Walmart has kept millions of people in the United States waiting for a possible new development in its financial system. Many customers knew that something big was in the works, but they couldn't imagine the magnitude of this new step. The wait is over, and the company has finally revealed a decision that will impact both its shoppers and employees alike.
This is the relaunch of its credit cards in collaboration with Synchrony Financial, an alliance that regains strength after ending in 2018. Through its financial platform OnePay, Walmart will launch two new cards: one for exclusive purchases in its stores and another valid anywhere that accepts Mastercard. The initiative will be available in the fall and will be managed entirely from the OnePay app.
A strategic alliance that marks the return
The new collaboration between OnePay and Synchrony represents a significant shift in Walmart's financial strategy. The chain had severed ties with Synchrony seven years ago, but now they resume working together after ending their contract with Capital One in 2024. This last relationship ended due to delays in transaction updates and problems with card replacements.
Starting with the launch in the fall, Synchrony will be responsible for issuing the cards, managing the loans, and keeping track of balances. Meanwhile, Walmart will manage the entire user experience through its OnePay app. This approach will allow for a more integrated experience tailored to current digital needs.
The main goal is to provide more efficient payment methods, especially within an increasingly digital environment, reveals Reuters. In addition, Walmart seeks to reduce costs associated with third parties, such as networks and card operators, which are usually present in online and in-store purchases.
An opportunity for users and employees
The new financial offering is designed with the millions of users who visit Walmart each week in mind. According to company data, 90% of the United States population lives less than 6.2 mi. (10 km) from one of its stores. This proximity makes its users an ideal base for introducing new financial tools with broad reach.
But not only shoppers will benefit. Walmart also considers its 1.6 million employees in the United States. They will be able to use these products from the app, which integrates functions such as debit card, digital wallet, and installment loans in collaboration with Klarna.
Although the details of the benefits and rewards that these cards will include haven't been revealed yet, the company has stated that more will be known closer to the launch. With this new stage, Walmart not only resumes working with Synchrony but also strengthens its position as a key player in the financial sector.